Articles about Sec

SAP pays $3.9m to settle Panama government bribery case

SAP will pay nearly $3.9m after a senior executive was found to have bribed officials in the government of Panama to land lucrative deals. The software giant has agreed to pay $3.7m in profit plus an extra $188,896 in interest. SAP did so without admitting or denying the findings of the regulator that brought the bribery case …
Gavin Clarke, 3 Feb 2016

Bitcoin cloud miners a '$20m Ponzi scheme – there was no cloud at all'

The US Securities and Exchange Commission (SEC) has filed charges against two bitcoin mining businesses it says operated as illegal Ponzi schemes. According to a complaint [PDF] the watchdog filed with the US District Court in Delaware, GAW Miners and Zenminer, both controlled by Josh Garza, stand accused of taking money …
Shaun Nichols, 1 Dec 2015
Toilet roll printed with fake US $100 bills

Buy a slice of the next Facebook with just your credit card and browser

America's financial watchdog says anyone with spare cash will be able to buy a slice of a startup online without having to fill out mountains of paperwork. Until now, if you fancied plowing your some of savings into a fledging biz – say a trendy but privately held San Francisco tech upstart – there are all sorts of …
Iain Thomson, 30 Oct 2015
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Top watchdog probes IBM over 'transactions in US, UK, Ireland'

IBM's stock price has taken a hit after the tech titan revealed it is under investigation by the US Securities and Exchange Commission (SEC). Big Blue said in its latest 10-Q filing that for the past two months, the financial watchdog has been looking into its accounting practices. "In August 2015, IBM learned that the SEC is …
Shaun Nichols, 27 Oct 2015
Prison

Alleged $32m Gemcoin crypto-bucks scam busted by Feds

The US Securities and Exchange Commission (SEC) says it has broken up an investment scam that defrauded citizens out of $32m by promising to mine minerals out of the ground – and pay out profits in cryptocurrency. The SEC has lobbed fraud charges at Steve Chen and 13 companies associated with Chen, alleging he raised $32m by …
Shaun Nichols, 2 Oct 2015

SaaS biz 'made up 99% of sales and defrauded investors of millions'

If you bought internet services from Illinois-based ContinuityX Services, the US Securities and Exchange Commission would like a word, since you may be part of a very, very small group – far smaller than the company itself represented. "We allege that Godwin and Roth cheated investors out of millions of dollars, depicting …
Iain Thomson, 30 Sep 2015
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Smartphone passcodes protected by the Fifth Amendment – US court

The Feds can't make suspects give up their company-issued smartphone passcodes because doing so violates the Fifth Amendment of the US Constitution. So ruled Judge Mark Kearney of the federal court in East Pennsylvania in the case of Securities and Exchange Commission v Huang, an insider-trading case brought against two ex- …
Iain Thomson, 25 Sep 2015
Stacks of bitcoin CC2.0 attribution by FD Comite https://www.flickr.com/photos/fdecomite/

Texan hotshot coughs to $4.5 million Bitcoin Ponzi scheme

The owner of Bitcoin Savings and Trust (BTCS&T) has admitted running a Ponzi scheme that defrauded people of millions of dollars in the crypto-currency. Texas resident Trendon Shavers, 33, has, in a deal with prosecutors, pleaded guilty to one count of securities fraud in a Manhattan federal court. He was cuffed and charged in …
Iain Thomson, 22 Sep 2015
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SEC takes $30m pound of flesh in newswire-hacking scandal

A Ukranian investment company and its CEO are going to pay the US government $30m for trading on info swiped from press releases before they were made public. The US Securities and Exchange Commission (SEC) said Jaspen Capital Partners Ltd and CEO Andriy Supranonok illegally profited from investments made based on stolen press …
Shaun Nichols, 14 Sep 2015

Ex-SAP director: I bribed govt officials to seal the deals on software

A former regional director of German enterprise software outfit SAP has pleaded guilty to bribing officials in the Panamanian government to secure a contract for one of the company's resellers. Vicente Eduardo Garcia, 65, of Miami, Florida, admitted giving $145,000 in bribes to one government official and promising bribes to …
Iain Thomson, 14 Aug 2015
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SEC launches probe into tech startup share selling 'black market'

The US Securities and Exchange Commission (SEC) is launching a probe into the booming "black market" in hotly-tipped, privately-held tech stock occurring outside the US regulator's watchful gaze. According to a report by The Wall Street Journal [paywall], the SEC is to launch an investigation after observing a recent boom in …
Kat Hall, 6 Jul 2015
firing range - target in cross hairs

SEC joins hunt for FIN4 attackers

America's Securities and Exchange Commission (SEC) has joined the hunt for the FIN4 hacking group. The bunch, revealed by FireEye in December 2014, used a phishing attack to get access to listed companies' computer systems. Their payoff was to get insider information to trade their targets' stocks. According to Reuters, the …
Twitter for Mac New

Only good thing about Twitter CEO storm: 140 character limit gone

Twitter CEO Dick Costolo will leave the San Francisco-headquartered social network within days. Shares in Twitter soared nearly eight per cent on the news. The microblogging site said in a SEC filing, published in the past few minutes, that Costolo will leave as chief exec on July 1 and be replaced by Twitter cofounder Jack …
Shaun Nichols, 11 Jun 2015

UK NHS IT supplier CSC coughs up $190m fine, three execs in the dock

Computer Science Corporation has paid its $190m (£122m) fine, levied by US watchdog the Securities and Exchange Commission over charges the Virginia-headquartered biz fudged its financial reports. And now some senior executives have agreed to hand back millions of dollars in pay and bonuses as a result of the SEC's probings. …
Iain Thomson, 5 Jun 2015

Mobile 4G spectrum investors actually spent $12.4m on walkie-talkie frequencies – US SEC

Americans were duped into buying duff radio frequencies for $12.4m that they had hoped to sell to cellphone networks for double-digit returns, a US financial watchdog has claimed. The Securities and Exchange Commission (SEC) has accused [PDF] Arizona-based Janus Spectrum of tricking investors into thinking they were acquiring …
Shaun Nichols, 7 Apr 2015
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'Chinese crims' snatch 4.5 MILLION patient files from US hospitals

One of the largest healthcare providers in the US claims Chinese hackers ran riot through its systems between April and June this year – accessing names, addresses and social security numbers of millions of patients. But Community Health Systems (CHS) insists no medical records nor any financial data were grabbed by the …
Iain Thomson, 18 Aug 2014
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sTec flash founder cleared of insider trading charges

The wheels of SEC justice in the US grind exceedingly slowly and sometimes uselessly. Manouche Moshayedi, the founder and CEO of sTec, has just been cleared of insider trading charges filed almost four years ago. Since then sTec’s business has tumbled and it was bought by Western Digital for $340m – which was characterised as …
Chris Mellor, 9 Jun 2014
Cisco CEO John Chambers speaking at Cisco Live! 2014

John Chambers sold millions of shares on first day of Cisco Live!

Update Paperwork filed with the Securities and Exchange Commission show that as Cisco's CEO was wandering around the Moscone Center keynote room delivering his annual address to the Cisco Live! Conference, his brokers were selling shares in the company hand over fist. According to the latest SEC Form 4 filing, Chambers sold 2,050,000 …
Iain Thomson, 24 May 2014

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